Capital gain

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Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2011 LAND PURCHASED DATE 01.01.1991 RS. 100000.00
BUILDING CONSTRUCTED ON THAT LAND IN MONTH APR.2011 Rs. 500000.00. LAND AND BUILDING SOLD FOR Rs. 1500000.00 IN OCT 2011. WHAT IS THE NATURE OF CAPITAL GAIN ON LAND AND BUILDING WHEN CONSIDERATION IS NOT SEPARATELY DECIDED ???????

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 July 2011 LAND IS A CAPITAL ASSET. TAX INDEXED COST OF LAND. ADD COST OF IMPROVEMENT (CONSTRUCTION) IN IT.
LT CAPITAL GAIN =1600000-INDEXED COST OF LAND -CONSTRUCTION COST.

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